Overview

• Avalanche Treasury Co. agreed to merge with Mountain Lake Acquisition Corp. in a transaction valued at over $675 million, with an expected Nasdaq listing in early 2026 pending shareholder and regulatory approvals.
• The venture launches with about $460 million in treasury assets from private financing, drawing backers such as Dragonfly, ParaFi, Pantera, VanEck, Galaxy Digital and Kraken.
• AVAT disclosed an initial $200 million AVAX purchase at a discount and secured an 18‑month priority window on future Avalanche Foundation token sales to U.S. treasuries.
• The company cites an implied entry at roughly 0.77 times net asset value—about a 23% discount—while naming former Susquehanna crypto head Bart Smith as CEO and bringing on advisors including Emin Gün Sirer and board member John Nahas.
• Positioning itself as an active ecosystem investor rather than a passive holder, the firm targets surpassing $1 billion in AVAX after listing, with early market reaction showing a brief AVAX price spike to $31.32 before easing.